The Bitcoin price is attempting to recover and is facing resistance near the $97,500 zone. It has been able to climb above key levels such as $93,500 and $94,200. The bulls pushed the price above the $95,800 barrier and it even cleared $97,000. The price is currently consolidating gains above the 23.6% Fib retracement level. There is a connecting bullish trend line forming with support at $96,000. The immediate resistance is at $97,450, with the first key resistance at $98,000. A close above $98,800 resistance could send the price higher towards the $100,000 level. On the downside, immediate support is at $96,000, followed by $94,500. If the price fails to rise above the resistance zone, it could start a decline towards the $93,200 zone. The technical indicators suggest a bullish trend with the MACD gaining pace in the bullish zone and the RSI above the 50 level.



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